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Instant Gratification
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Delayed Gratification
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Strand2

Behavioral Economics

QuestionAnswer
Instant Gratification Goods/Services that when you use them. They will provide minimal gratification but almost immediately.
Delayed Gratification Goods/Services that don't give gratification immediately but spread out over long periods of time. And they give much more gratification.
Cost How much a good/service is valued by you and by providers.
Impulse Buying Buying a Good/Service in the moment, usually based on emotion or passion. Usually not very Rational.
Planned Expenditures planning to buy a Good/Service ahead of time. Usually allows you to make objective and rational decisions outside of emotion and passion.
Hedonic Adaptation After an intense high or low point emotionally, people like to go back to a stable, secure environment where emotions are limited.
Sunk Cost Doing something you don't enjoy because you spent money on it and you want to "get your money's worth"
Endowment Effect When you appraise something you own higher than its actual cost.
Confirmation Bias When instead of looking for the actual solution, you look for things that would confirm your suspicions.
4 "P's" of marketing Product, Place, Price, Promotion.
Created by: bryson11
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